FACTBOX - How combined British Airways, Iberia would look

MADRID/LONDON (Reuters) - The boards of British Airways and Spain's Iberia have agreed to a merger to create the world's third-largest airline measured by revenue.

Following are some key facts about the new carrier:

TERMS

-- BA shareholders will receive 55 pct of the new company and Iberia 45 percent.

-- Deal will create new holding company that will own both existing airlines with dual hubs in London and Madrid.

THE MERGED AIRLINE:

-- CEO: British Airways' Willie Walsh; Chairman: Iberia's Antonio Vazquez.

-- Headquarters to be in London

-- Operations: The two will still fly under existing brands, run from dual hubs in Madrid and London